Valuing Your Gifts to Charity
Back by popular demand… a guideline for valuing your gifts to charity.
One of the best ways to get rid of your excess belongings is giving them to charity. Not only can you benefit the less fortunate, but you also can get paid for it doing by Uncle Sam.
We are allowed to deduct the fair market value of items we give to eligible charities on our tax returns. In 1982, the Salvation Army put together a guide for the most common eligible deductions. We have taken that 1982 guide of values and adjusted for inflation. As part of this letter, we are including that guide and the new 2008 figures to assist you in determining the fair market value of your donations.
- 2008 Guide for Most Common Eligible Tax Deductions (PDF format)
You should always check with your tax preparer to verify that your deductions are allowable.
If you have any questions, please give me a call at (503) 291-1313.
Tags: Charitible Contributions Guide, Chuck Jones, Common Eligible Tax Deductions, Financial Planning
